S'pore shares rally on strong global growth

SINGAPORE equities rallied ahead of US President Donald Trump's pick for chair of the Federal Reserve, the Federal Open Market Committee (FOMC) meeting and the unveiling of US tax plans, buoyed by optimism that global growth is strong.

The benchmark Straits Times Index (STI) added 17.53 points or 0.52 per cent on Wednesday to close at 3,391.61 - the highest in over two years. The gains recorded came from banking stocks and shares of Keppel Corporation, even as heavyweights including some of the Jardine group of companies chalked up losses.

The STI turnover came in at 2.5 billion worth S$1.5 billion, which worked out to an average of S$0.60 a share. Trading was firm with gainers outnumbering losers 305 to 158, excluding warrants.